Here’s a must-read for you, Brett Arends writing at MarketWatch perfectly captured Wall Street’s complete domination of Washington, how they sabotaged any real financial reform, and how they managed to get away with the biggest bank heist in, well, ever. (hat tip, Big Picture.)
The financial reform bill is nothing but the biggest regulatory loophole in the history of regulation. The banks demanded and received the biggest transfer of assets from the public in history, with hardly any debate whatsoever.
Do read the whole thing, reflect on it, think about it, and then listen to any talking head brag about how good things are. Listen to anybody tell you the people spoke in November, and were heard by the landed gentry in DC. Oh, I say friends we’ve been had, hoodwinked, bamboozled, let astray, run amuck. Which is why I’ll say, again, until these two parties are run out of Washington, and some safeguards put in place to protect whatever parties replace them from the sharks, we haven’t solved and won’t solve our biggest problems.
The real reform that needs to take place is political.
BOSTON (MarketWatch) — This was the year America finally took on the power and greed of the Wall Street banks.
And the banks won.
They dodged the bullet of real reform, probably for all time. They bounced back to post huge profits, helped by legal theft from the middle class. They completed their takeover of both political parties — and bought themselves a new Congress even more pliable than the old one.
Middle-class America is flattened, devastated and broke. The bankers that caused it all have escaped punishment. They’re raking in huge profits. Oh, and the tax cuts just got extended for high earners, too!